ECI raises Rs 100 cr from Sabre Capital

Hyderabad, Apr 3 (UNI) The city-based ECI Engineering and Construction Company Limited today announced that it has raised Rs 100 crore of private equity capital through a preferential allotment to Sabre Abraaj India Private Equity Fund I Limited, a fund managed by Sabre Capital.

ECI would use these proceeds to expand its construction business, finance its investment in hydro power BOOT projects and build a modern manufacturing unit to fabricate steel towers required for their core power transmission and distribution business, a company release here said.

ECI Chairman Venkat Rao said ''with this investment, we will be able to expand our business by winning larger EPC contracts, bidding for higher voltage power transmission and distribution business, developing hydro power generation BOOT projects and setting up a tower manufacturing facility, which will help us emerge as a focussed and integrated player in the Indian infrastructure industry.'' Sabre Capital Co-founder and Managing Director Rajiv Maliwal, who would represent Sabre Abraaj on the Board of Directors, said ''we believe infrastructure is key to India's growth and a well-managed mid-sized company like ECI is well poised to take advantage of the tremendous potential that the sector offers. ECI has a demonstrated track record of growth, a sound business strategy and a large order book which gives us confidence in the ability of the company to meet its growth targets.'' UNI VA GD 1500